Benjamin O'Connor-Rose's page

someone just brought it to my attention that alchemical items are not magical. as per the core rulebook Version 4.0 for 2nd edition. on page 543

Alchemical items are not magical. They instead use the properties of volatile chemicals, exotic minerals, potent plants, and other substances, collectively referred to as alchemical reagents. As such, alchemical items don’t radiate magical auras, and they can’t be dismissed or affected by dispel magic. Their effects last for a set amount of time or until they are countered in some way, typically physically.

So the spell would in fact work with the alchemical food AND drink from both the Treasure vault and grand bazaar, as those items have the alchemical trait and not the magical trait.